ADMO, the joint venture between Alpha Dhabi and Dubai’s Monterock International, has signed an agreement to acquire luxury lifestyle group Ce La Vi, boosting its portfolio in the lifestyle, food and beverage, and entertainment industry.
The move is also aimed at “significantly expanding” ADMO’s lifestyle presence in eastern markets, the company said on Wednesday.
ADMO was launched in 2022 and aimed to curate a portfolio of premier luxury and lifestyle brands, with the acquisition of European luxury lifestyle group Nammos, which has flagship locations in Mykonos and Dubai, as well as a development pipeline in London, Cannes, Miami and Abu Dhabi.
The terms and value of the Ce La Vi agreement were not disclosed.
“This acquisition is not just a strategic move to expand globally but a bold statement of our vision,” ADMO vice chairman Petros Stathis said.
The deal not only expands ADMO’s global lifestyle presence to the east, but also "underscores our focus on building and nurturing a portfolio of world-dominating lifestyle brands”, he added.
Ce La Vi first opened its doors in South-East Asia and now has a presence in cities such as Singapore, Dubai, Tokyo and Taipei.
Last year, the UAE announced a national tourism strategy that seeks to attract 40 million hotel guests by 2031 and draw Dh100 billion ($27.2 billion) in tourism investment to the Emirates.
Hotels in the UAE recorded a 24 per cent annual increase in revenue to Dh26 billion in the first seven months of the year as the country’s tourism sector rebounded, state news agency Wam quoted the Minister of Economy Abdulla bin Touq as saying earlier this month.
Ce La Vi Dubai – in pictures
Alpha Dhabi and Monterock will continue to explore more investment opportunities, with plans to build a portfolio of lifestyle, luxury, hospitality and entertainment projects, ADMO said.
Alpha Dhabi, which was previously known as Trojan Holding, has grown into a regional conglomerate. It was listed on the ADX in June 2021 and has been on an expansion spree since then, tapping into a number of industries, including Elon Musk’s SpaceX.
The company has made forays into diverse sectors such as construction, health care, hospitality and industry after completing a series of acquisitions in 2021 and 2022.
In May this year, it acquired a 36.4 per cent stake in the National Corporation for Tourism and Hotels for Dh730 million. The deal makes Alpha Dhabi the single largest shareholder in the hospitality owner, manager and operator.
This acquisition added to Alpha Dhabi’s hospitality portfolio that includes Cheval Blanc Randheli – LVMH’s second hotel venture – St Regis Saadiyat and Al Wathba Luxury Collection Desert Resorts.
Monterock, a private equity holding company, has more than 25 years of experience in key global markets and is also involved in media, property, finance, industrial technology and green energy sectors.